22 Comments

hong kong and the blackrock etf with coinbase are the bellwethers of the next bull market

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The quality of education via world view that you provide is legendary. My IQ goes up every single time I read this kind of work!

One day, I shall make a toast in celebration of our incredible resilience & emotional intelligence throughout the most challenging of times

That toast shall be made with gratitude to you in mind & in spirit.

Cheers ๐Ÿฅ‚

& Thank you as always

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a smart little birdie said "Blackrock and Coinbase do a deal with government push. With control of the core of the industry costing less than $500b the direction here going forward looks obvious. Blackrock has $9 trillion aum. Another $500b from their clients is a dunk assuming they have government assent." Dems it!

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But how is this good for bitcoin long term? If blackrock, etc stores most of US bitcoin and regulated entities do the same in Hong Kong with chinese capital (The biggest "markets" on earth), the narrative of "money out of the system" is not that strong anymore. BTC price is driven by the speculation that it gives the investor control of their money. If the biggest institutions holds the majority of BTC any government can seize the assets and BTC is no longer an asset that gives you "freedom"

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Akash?

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QUOTE: โ€œ๐˜๐˜ฐ๐˜ธ๐˜ฆ๐˜ท๐˜ฆ๐˜ณ, ๐˜ช๐˜ต ๐˜ธ๐˜ฐ๐˜ถ๐˜ญ๐˜ฅ ๐˜ข๐˜ฑ๐˜ฑ๐˜ฆ๐˜ข๐˜ณ ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ต๐˜ฉ๐˜ฆ ๐˜œ๐˜š ๐˜ฉ๐˜ข๐˜ด ๐˜ณ๐˜ฆ๐˜ข๐˜ญ๐˜ช๐˜ด๐˜ฆ๐˜ฅ ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ช๐˜ง ๐˜บ๐˜ฐ๐˜ถ ๐˜ฎ๐˜ข๐˜ฌ๐˜ฆ ๐˜ช๐˜ต ๐˜ซ๐˜ถ๐˜ด๐˜ต ๐˜ฑ๐˜ข๐˜ช๐˜ฏ๐˜ง๐˜ถ๐˜ญ ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฆ๐˜น๐˜ฑ๐˜ฆ๐˜ฏ๐˜ด๐˜ช๐˜ท๐˜ฆ ๐˜ฆ๐˜ฏ๐˜ฐ๐˜ถ๐˜จ๐˜ฉ ๐˜ต๐˜ฐ ๐˜ข๐˜ค๐˜ค๐˜ฆ๐˜ด๐˜ด ๐˜ค๐˜ณ๐˜บ๐˜ฑ๐˜ต๐˜ฐ, ๐˜ต๐˜ฉ๐˜ฆ๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฎ๐˜ข๐˜ซ๐˜ฐ๐˜ณ๐˜ช๐˜ต๐˜บ ๐˜ฐ๐˜ง ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฎ๐˜ข๐˜ด๐˜ด ๐˜ข๐˜ง๐˜ง๐˜ญ๐˜ถ๐˜ฆ๐˜ฏ๐˜ต ๐˜ข๐˜ฏ๐˜ฅ ๐˜ฃ๐˜ฆ๐˜ญ๐˜ฐ๐˜ธ ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ด๐˜ช๐˜ฎ๐˜ฑ๐˜ญ๐˜บ ๐˜ฏ๐˜ฐ๐˜ต ๐˜ฃ๐˜ฐ๐˜ต๐˜ฉ๐˜ฆ๐˜ณ โ€ฆ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฎ๐˜ข๐˜ด๐˜ด ๐˜ข๐˜ง๐˜ง๐˜ญ๐˜ถ๐˜ฆ๐˜ฏ๐˜ต โ€ฆ ๐˜ฉ๐˜ฐ๐˜ถ๐˜ด๐˜ฆ๐˜ฉ๐˜ฐ๐˜ญ๐˜ฅ๐˜ด ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ฎ๐˜ข๐˜ฌ๐˜ฆ $100,000 ๐˜ต๐˜ฐ $200,000 ๐˜ฑ๐˜ฆ๐˜ณ ๐˜บ๐˜ฆ๐˜ข๐˜ณ, ๐˜ธ๐˜ฉ๐˜ช๐˜ค๐˜ฉ ๐˜ช๐˜ด ๐˜ณ๐˜ฐ๐˜ถ๐˜จ๐˜ฉ๐˜ญ๐˜บ 25% ๐˜ฐ๐˜ง ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฏ๐˜ข๐˜ต๐˜ช๐˜ฐ๐˜ฏ โ€ฆ ๐˜ช๐˜ด ๐˜ฏ๐˜ฐ๐˜ต ๐˜ข๐˜ค๐˜ต๐˜ถ๐˜ข๐˜ญ๐˜ญ๐˜บ ๐˜ต๐˜ฉ๐˜ข๐˜ต ๐˜ธ๐˜ฆ๐˜ข๐˜ญ๐˜ต๐˜ฉ๐˜บ โ€ฆ ๐˜›๐˜ฉ๐˜ฆ๐˜บ ๐˜ข๐˜ณ๐˜ฆ ๐˜ฃ๐˜ณ๐˜ฐ๐˜ฌ๐˜ฆ, ๐˜ข๐˜ฏ๐˜ฅ ๐˜ต๐˜ฉ๐˜ฆ ๐˜จ๐˜ฐ๐˜ท๐˜ฆ๐˜ณ๐˜ฏ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต ๐˜ข๐˜ช๐˜ฏโ€™๐˜ต ๐˜ฉ๐˜ข๐˜ฏ๐˜ฅ๐˜ช๐˜ฏ๐˜จ ๐˜ฐ๐˜ถ๐˜ต ๐˜ค๐˜ฉ๐˜ฆ๐˜ค๐˜ฌ๐˜ด ๐˜ข๐˜ฏ๐˜บ๐˜ฎ๐˜ฐ๐˜ณ๐˜ฆ โ€ฆ ๐˜ต๐˜ฉ๐˜ฆ ๐˜œ๐˜š ๐˜›๐˜ณ๐˜ฆ๐˜ข๐˜ด๐˜ถ๐˜ณ๐˜บ ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ณ๐˜ฆ๐˜ต๐˜ถ๐˜ณ๐˜ฏ ๐˜ต๐˜ฐ ๐˜ฉ๐˜ข๐˜ฏ๐˜ฅ๐˜ช๐˜ฏ๐˜จ ๐˜ง๐˜ณ๐˜ฆ๐˜ฆ ๐˜ฎ๐˜ฐ๐˜ฏ๐˜ฆ๐˜บ ๐˜ต๐˜ฐ ๐˜ณ๐˜ช๐˜ค๐˜ฉ ๐˜ฑ๐˜ฆ๐˜ฐ๐˜ฑ๐˜ญ๐˜ฆ ๐˜ท๐˜ช๐˜ข ๐˜ช๐˜ฏ๐˜ต๐˜ฆ๐˜ณ๐˜ฆ๐˜ด๐˜ต ๐˜ฐ๐˜ฏ ๐˜จ๐˜ฐ๐˜ท๐˜ฆ๐˜ณ๐˜ฏ๐˜ฎ๐˜ฆ๐˜ฏ๐˜ต ๐˜ฃ๐˜ฐ๐˜ฏ๐˜ฅ๐˜ด ๐˜ข๐˜ฏ๐˜ฅ ๐˜ค๐˜ฆ๐˜ฏ๐˜ต๐˜ณ๐˜ข๐˜ญ ๐˜ฃ๐˜ข๐˜ฏ๐˜ฌ ๐˜ฅ๐˜ฆ๐˜ฑ๐˜ฐ๐˜ด๐˜ช๐˜ต ๐˜ง๐˜ข๐˜ค๐˜ช๐˜ญ๐˜ช๐˜ต๐˜ช๐˜ฆ๐˜ด โ€ฆ ๐˜ช๐˜ต ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ฏ๐˜ฐ๐˜ต ๐˜จ๐˜ฐ ๐˜ต๐˜ฐ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฎ๐˜ข๐˜ด๐˜ด ๐˜ข๐˜ง๐˜ง๐˜ญ๐˜ถ๐˜ฆ๐˜ฏ๐˜ต, ๐˜ธ๐˜ฉ๐˜ฐ ๐˜ฉ๐˜ข๐˜ท๐˜ฆ ๐˜ญ๐˜ช๐˜ต๐˜ต๐˜ญ๐˜ฆ ๐˜ต๐˜ฐ ๐˜ฏ๐˜ฐ ๐˜ด๐˜ข๐˜ท๐˜ช๐˜ฏ๐˜จ๐˜ด โ€ฆ ๐˜›๐˜ฐ ๐˜ธ๐˜ฆ๐˜ข๐˜ฌ๐˜ฆ๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ค๐˜ถ๐˜ณ๐˜ณ๐˜ฆ๐˜ฏ๐˜ค๐˜บ, ๐˜ต๐˜ฉ๐˜ฆ ๐˜—๐˜‰๐˜–๐˜Š ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ฆ๐˜ฏ๐˜ค๐˜ฐ๐˜ถ๐˜ณ๐˜ข๐˜จ๐˜ฆ ๐˜ค๐˜ณ๐˜ฆ๐˜ฅ๐˜ช๐˜ต ๐˜จ๐˜ณ๐˜ฐ๐˜ธ๐˜ต๐˜ฉ ๐˜ช๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ โ€œ๐˜จ๐˜ฐ๐˜ฐ๐˜ฅโ€ ๐˜ด๐˜ฆ๐˜ค๐˜ต๐˜ฐ๐˜ณ๐˜ด ๐˜ฐ๐˜ง ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฆ๐˜ค๐˜ฐ๐˜ฏ๐˜ฐ๐˜ฎ๐˜บ โ€ฆ ๐˜Š๐˜ฉ๐˜ช๐˜ฏ๐˜ฆ๐˜ด๐˜ฆ ๐˜ฎ๐˜ข๐˜ด๐˜ด ๐˜ข๐˜ง๐˜ง๐˜ญ๐˜ถ๐˜ฆ๐˜ฏ๐˜ต โ€“ ๐˜ธ๐˜ฉ๐˜ฐ ๐˜ด๐˜ฆ๐˜ฆ ๐˜ธ๐˜ฉ๐˜ข๐˜ต ๐˜ช๐˜ด ๐˜ค๐˜ฐ๐˜ฎ๐˜ช๐˜ฏ๐˜จ โ€“ ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ด๐˜ต๐˜ข๐˜ณ๐˜ต ๐˜ต๐˜ฐ ๐˜ด๐˜ฑ๐˜ช๐˜ณ๐˜ช๐˜ต ๐˜ค๐˜ข๐˜ฑ๐˜ช๐˜ต๐˜ข๐˜ญ ๐˜ฐ๐˜ถ๐˜ต ๐˜ฐ๐˜ง ๐˜Š๐˜ฉ๐˜ช๐˜ฏ๐˜ข โ€ฆ ๐˜๐˜ฏ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฑ๐˜ข๐˜ด๐˜ต, ๐˜ต๐˜ฉ๐˜ฆ ๐˜—๐˜‰๐˜–๐˜Š ๐˜ฎ๐˜ช๐˜จ๐˜ฉ๐˜ต ๐˜ฃ๐˜ฆ ๐˜ธ๐˜ฐ๐˜ณ๐˜ณ๐˜ช๐˜ฆ๐˜ฅ ๐˜ข๐˜ฃ๐˜ฐ๐˜ถ๐˜ต ๐˜ค๐˜ข๐˜ฑ๐˜ช๐˜ต๐˜ข๐˜ญ ๐˜ง๐˜ญ๐˜ช๐˜จ๐˜ฉ๐˜ต, ๐˜ฃ๐˜ถ๐˜ต ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฉ๐˜ฐ๐˜ข๐˜ณ๐˜ฅ ๐˜ฐ๐˜ง ๐˜ž๐˜ฆ๐˜ด๐˜ต๐˜ฆ๐˜ณ๐˜ฏ ๐˜ง๐˜ช๐˜ข๐˜ต ๐˜ง๐˜ช๐˜ฏ๐˜ข๐˜ฏ๐˜ค๐˜ช๐˜ข๐˜ญ ๐˜ข๐˜ด๐˜ด๐˜ฆ๐˜ต๐˜ด โ€œ๐˜ฐ๐˜ธ๐˜ฏ๐˜ฆ๐˜ฅโ€ ๐˜ฃ๐˜บ ๐˜Š๐˜ฉ๐˜ช๐˜ฏ๐˜ข ๐˜ฉ๐˜ข๐˜ด ๐˜ฃ๐˜ฆ๐˜ค๐˜ฐ๐˜ฎ๐˜ฆ ๐˜ข ๐˜ญ๐˜ช๐˜ข๐˜ฃ๐˜ช๐˜ญ๐˜ช๐˜ต๐˜บ, ๐˜ณ๐˜ข๐˜ต๐˜ฉ๐˜ฆ๐˜ณ ๐˜ต๐˜ฉ๐˜ข๐˜ฏ ๐˜ข๐˜ฏ ๐˜ข๐˜ด๐˜ด๐˜ฆ๐˜ต โ€ฆ ๐˜›๐˜ฉ๐˜ฆ ๐˜ณ๐˜ฆ๐˜ต๐˜ถ๐˜ณ๐˜ฏ ๐˜ฐ๐˜ง ๐˜ต๐˜ฉ๐˜ฆ ๐˜Š๐˜ฉ๐˜ช๐˜ฏ๐˜ฆ๐˜ด๐˜ฆ ๐˜ค๐˜ณ๐˜บ๐˜ฑ๐˜ต๐˜ฐ ๐˜ต๐˜ณ๐˜ข๐˜ฅ๐˜ฆ๐˜ณ ๐˜ต๐˜ฉ๐˜ณ๐˜ฐ๐˜ถ๐˜จ๐˜ฉ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ง๐˜ช๐˜ฏ๐˜ข๐˜ฏ๐˜ค๐˜ช๐˜ข๐˜ญ ๐˜ฑ๐˜ช๐˜ฑ๐˜ฆ๐˜ด ๐˜ฐ๐˜ง ๐˜๐˜ฐ๐˜ฏ๐˜จ ๐˜’๐˜ฐ๐˜ฏ๐˜จ ๐˜ธ๐˜ช๐˜ญ๐˜ญ ๐˜ณ๐˜ฆ๐˜ช๐˜จ๐˜ฏ๐˜ช๐˜ต๐˜ฆ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฎ๐˜ข๐˜ณ๐˜ฌ๐˜ฆ๐˜ต ๐˜ข๐˜ต ๐˜ต๐˜ฉ๐˜ฆ ๐˜ด๐˜ข๐˜ฎ๐˜ฆ ๐˜ต๐˜ช๐˜ฎ๐˜ฆ ๐˜ต๐˜ฉ๐˜ฆ ๐˜ฃ๐˜ณ๐˜ฐ๐˜ฌ๐˜ฆ-๐˜ข๐˜ด๐˜ด ๐˜ˆ๐˜ฎ๐˜ฆ๐˜ณ๐˜ช๐˜ค๐˜ข๐˜ฏ ๐˜ฎ๐˜ข๐˜ด๐˜ด ๐˜ข๐˜ง๐˜ง๐˜ญ๐˜ถ๐˜ฆ๐˜ฏ๐˜ต ๐˜ข๐˜ณ๐˜ฆ ๐˜ฆ๐˜ง๐˜ง๐˜ฆ๐˜ค๐˜ต๐˜ช๐˜ท๐˜ฆ๐˜ญ๐˜บ ๐˜ด๐˜ฉ๐˜ถ๐˜ต ๐˜ฐ๐˜ถ๐˜ต.โ€

You are extremely pessimistic (cautious?) about the value of the U.S. consumer, as if crypto can never have a use case other than as an asset or FOMO. If the U.S. consumer is as weak as you suggest then the global economy might collapse. The U.S. government still needs to prop up the U.S. consumer until they are ready to stave off violent revolution. Ostensibly C19 was the trial balloon to see what they can get away with and how much cooperation can be expected with totalitarianism. They recently floated a trial balloon about returning to masks and boosters. And they were resoundingly told, โ€œhell no.โ€

1. Mass affluent cohort is 75m people.

2. Netflix 75m U.S. subscribers, average household income $50k, $20/mo subscription.

3. $360 ร— 75m = $27b

4. $7500 EV tax rebates (+ up to $7500 more in Commiefornia) until 2032. Up to $4000 for a used EV.

5. Govt wants convenient access to crypto through ETFs, not private keys.

6. The 75m should be crypto users driving investment fervor, not necessarily investors.

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Layer 1 focused on AI would be $tao. Itโ€™s quite the project.

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RNDR?

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LFG!

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Love your articles!

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Best writer! Thanks!

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It was wonderful , thank you

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I like you... Pepsi Max...

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Great article. Question: why wouldn't fleeing Chinese capital just flow to foreign real estate as it always has? Would you say it still will, but some percentage goes to crypto for diversification? In that case, would you argue that percentage will be higher, at least because of worries that buyers might have their US real estate sized, taxed, or otherwise impaired?

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BOOM!

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Jun 16, 2023ยทedited Jun 16, 2023

If you want read in Russian, you can visit translated esse here: https://teletype.in/@rekted_capital/fungible-arthur-hayes-16-jun-2023-rus

Thanks king Arthur!

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